12/16/2020

How The Pandemic Is Reshaping The Future for FIs

COVID-19 forced banks and credit unions to close lobbies across the nation. The financial industry noticed a major increase in remote deposits and ITM usage. Now that branches are reopening their lobbies and adjusting to the “new normal” way people are banking, do you think those new practices will continue?

The future of banking since the Pandemic

For the branches that offer drive-thrus and ITMs, they were able to accommodate for the unique circumstances by extending hours. Currently, states are reopening and transitioning to running fully operated lobbies again. Will people go back to banking the way they did to pre-COVID? Will the sharp jump in remote deposit capture and ITM usage continue to increase? Read more to find out Tuscon Federal Credit Union’s studies and numbers to see if your branch will be affected the same way so you can plan better for the future.

Remote deposit capture also has grown sharply but not quite as dramatically. Last year, remote deposits accounted for 20%, on average, of total check deposits. That number has grown to 31% since the March 18 lobby shutdown.

– Read the entire article from CreditUnions.com by Marc Rapport.

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